Can a finance compnay charge so much interest..?

[ShhhhSantaiscoming]

Basically took out finance a year ago this week (bought a bed from Dreams and did pay nothing for a yr), had it noted on the calendar to pay it last week of november and have just called finance company.

Seems they dont send reminders, their letter says so and the payment was due 21/11/10 so im around 10 days late with the payment.. HOWEVER they have charged me around £400 EXTRA ..

Are they within their rights..? Surely £400 for being 10 days late is mad..?

bloody hell.

I have no clue. You should contact the CAB or something.

I don't know how far 'stated terms and conditions' protects them - as in 'it's in our terms and conditions, which you agreed to', iyswim.

Get some advice.

Seems to me that a policy of not sending reminders is designed to have this happen so that they can get more money - I would imagine many people don't keep proper records of a payment to be made in 12 months (and I know, I know, personal responsibility etc, but a reminder isn't a lot to ask!)

Unfortunately that is the way they do things.

I have had a few of these delayed payment/0% interest type of things, but the small print does state that if you do not pay the full amount back in time the interest is accrued from the date of purchase.

It is a shabby, deceitful way of doing business, but I don't think there is any recourse and is in the smallprint of the agreement you signed

thought so itafw .

Hectate, I agree, in fact I said to the guy I spoke to "obviously in your interest for people to forget to pay on time" to which he replied "actually its not" Oh right, so you would rather not get the extra £400 then.. Ejit.

Itafw, you are right. Very deceitful way of doing business and tbh I wish we hasn't taken the finance out now... I guess companies push it in the hope you forget.

Thing is, we didn't "forget" just didn't read the payment date right and it was sooner than we thought...

FFS, I have written it on the calendar and everything..

IIRC, the company has already been paid the cash and the finance house has now got the debt. Would it be at all possible to actually phone the finance house and see if there is some way you could bargain this amount due down?

It would be in their own best interests (especially as there are a lot of defaulting debts) to accept a lower interest. It is always worth a try ... hopefully, there would be someone sympathetic to your case ...

Did you dispute it mjin..?

Im thinking of paying the amount I signed to any nothing more.... would they take me to court over it I wonder..?

yes.

hmm... I called and the guy refussed to put me through to anyone else about it.

Dh called after,they have said put the complaint in writing but wont alter the amount by phone.
They are not interested.

ijafw,you are right about many people defaulting... You would have thought easier for them to negotiate..